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Thailand raises growth forecast, maintains key interest rate

by ChemOrbis Editorial Team -
  • 14/09/2016 (21:06)
Thailand’s Central Bank has reportedly raised its growth forecast for the country for 2016 to 3.2%. This was up slightly from the previous forecast of 3.1%. Next year’s forecast was unchanged at 3.2%. The Bank also elected to hold its benchmark interest rate unchanged. This was the 11th consecutive meeting at which the Bank held the rate steady as economic recovery is gaining momentum.

Consumer confidence was at a five month high in August due to public approval of the nation’s new constitution. The second quarter also brought better than expected economic growth, partly supported by government stimulus and improved tourism sector, which helped boost confidence.

The Central Bank’s Assistant Governor Jaturong Jantarangs told the local press, “We maintain the GDP growth forecast next year as higher public investment will help offset exports and private investment, which may remain weak on trading partners’ economic prospects. We see greater risk from the global economy next year as we take into account Brexit. We didn’t include it in our earlier forecast.”

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